Markets Right Now: Stocks close higher on Wall Street
Aug. 03, 2016
NEW YORK (AP) — The latest on developments in global financial markets (all times local):
Stocks are ending mostly higher after a big jump in the price of oil helped the Dow Jones industrial average break a seven-day losing streak.
Energy companies led gainers along with the price of oil after the government said gasoline stockpiles shrank by more than expected last week. Williams Cos. rose 7 percent and Chesapeake Energy rose 8 percent.
Consumer goods and utilities companies lagged the market on weak earnings reports. Designer handbag purveyor Kate Spade slid 18 percent and footwear maker Crocs plunged 23 percent.
The Dow gained 41 points, or 0.2 percent, to 18,355.
The Standard & Poor's 500 rose 7 points, or 0.3 percent, to 2,164. The Nasdaq composite rose 22 points, or 0.4 percent, to 5,160.
Stocks are slightly higher in midday trading after a survey showed that hiring by private companies continued at a solid but unspectacular clip in July.
Energy companies are climbing along with the price of oil. The biggest losses are going to household goods makers, phone and utility companies, which are typically considered safe investments.
Footwear maker Crocs and clothing maker Hanesbrands both slid on disappointing earnings reports.
The Dow Jones industrial average is up 25 points, or 0.1 percent, to 18,339.
The Standard & Poor's 500 is up 3 points, or 0.1 percent, to 2,160. The Nasdaq composite is up 8 points, or 0.1 percent, to 5,146.
Bond prices held steady and yields were flat at 1.56 percent.
U.S. crude oil rose 2.5 percent. Gold, silver and copper all fell.
Stocks are opening slightly lower on Wall Street following sideways moves in Europe and Asia.
A monthly survey of private hiring showed U.S. companies added 179,000 jobs in July, suggesting hiring remains healthy.
Fashion brand Kate Spade plunged in early trading after reporting weak quarterly profit and cutting its full year outlook. Clothing maker Hanesbrands slid after also disappointing with its quarterly results.
The Dow is down 17points, or 0.1 percent, to 18,298.
The Standard & Poor's 500 index is down 2 points, or 0.1 percent, to 2,155. The Nasdaq composite was unchanged at 5,137.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.54 percent.